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NVIDIA OVERTAKES APPLE AS WORLD'S MOST VALUABLE COMPANY

By Sruthi Shankar and Noel Randewich
October 25, 202410:23 PM GMT+1Updated 6 days ago
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A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in
this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File
Photo Purchase Licensing Rights, opens new tab
Oct 25 (Reuters) - Nvidia (NVDA.O), opens new tab dethroned Apple (AAPL.O),
opens new tab as the world's most valuable company on Friday following a
record-setting rally in the stock, powered by insatiable demand for its
specialized artificial intelligence chips.
Nvidia's stock market value briefly touched $3.53 trillion, slightly above
Apple's $3.52 trillion, LSEG data showed.
Nvidia ended the day up 0.8%, with a market value of $3.47 trillion, while
Apple's shares rose 0.4%, valuing the iPhone maker at $3.52 trillion.
Advertisement · Scroll to continue


Nvidia, Apple and Microsoft are among the tech heavyweights that have helped
push Wall Street to record highs this year, with their market capitalization
neck-and-neck this year.
In June, Nvidia briefly became the world's most valuable company before it was
overtaken by Microsoft (MSFT.O), opens new tab and Apple. The tech trio's market
capitalizations have been neck-and-neck for several months.
Microsoft's market value stood at $3.18 trillion, with its stock up 0.8%.
The Silicon Valley chipmaker is the dominant supplier of processors used in AI
computing, and the company has become the biggest winner in a race between
Microsoft, Alphabet (GOOGL.O), opens new tab, Meta Platforms (META.O), opens new
tab and other heavyweights to dominate the emerging technology.
Advertisement · Scroll to continue

Known since the 1990s as a designer of processors for videogames, Nvidia's stock
has risen about 18% so far in October, with a string of gains coming after
OpenAI, the company behind ChatGPT, announced a funding round of $6.6 billion.
Nvidia and other semiconductor stocks got a lift on Friday after data storage
maker Western Digital (WDC.O), opens new tab reported quarterly profit that beat
analysts' estimates, buoying optimism about data center demand.

"More companies are now embracing artificial intelligence in their everyday
tasks and demand remains strong for Nvidia chips," said Russ Mould, investment
director at AJ Bell.
"It is certainly in a sweet spot and so long as we avoid a big economic downturn
in the United States, there is a feeling that companies will continue to invest
heavily in AI capabilities, creating a healthy tailwind for Nvidia."

Nvidia's shares hit a record high on Tuesday, building on a rally from last week
when TSMC (2330.TW), opens new tab, the world's largest contract chipmaker,
posted a forecast-beating 54% jump in quarterly profit driven by soaring demand
for chips used in AI.
Meanwhile, Apple is struggling with tepid demand for its smartphones. iPhone
sales in China slipped 0.3% in the third quarter, while sales of phones made by
rival Huawei [RIC:RIC:HWT.UL] surged 42%.

With Apple set to report its quarterly results on Thursday, analysts on average
see its revenue climbing 5.55% year over year to $94.5 billion, LSEG data
showed.
That compares with analysts' projections for Nvidia of nearly 82% revenue growth
to $32.9 billion.
Shares of Nvidia, Apple and Microsoft have an outsized influence on the richly
valued technology sector as well as the broader U.S. stock market, with the trio
accounting for about a fifth of the S&P 500 index's (.SPX), opens new tab
weight.
Optimism about the prospects for AI, expectations that the Federal Reserve will
considerably bring down U.S. interest rates, and most recently, an upbeat start
to the earnings season, helped lift the benchmark S&P 500 to an all-time high
last week.
Nvidia's massive gains have helped boost the stock's appeal for option traders
and the company's options are among the most traded on any given day in recent
months, according to data from options analytics provider Trade Alert.
The stock has surged nearly 190% so far this year as the boom in generative AI
led to a series of blowout forecasts from Nvidia.
"The question is whether the revenue stream will last for a long time and will
be driven by the emotion of investors rather than by any ability to prove or
disprove the thesis that AI is overdone," said Rick Meckler, partner at Cherry
Lane Investments, a family investment office in New Vernon, New Jersey.
"I think Nvidia knows that near term, their numbers are likely to be quite
remarkable."

The Technology Roundup newsletter brings the latest news and trends straight to
your inbox. Sign up here.

Reporting by Noel Randewich in San Francisco, Sruthi Shankar in Bengaluru, Saqib
Ahmed in New York and Paolo Laudani in Gdansk; Editing by Shounak Dasgupta and
Richard Chang

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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Noel Randewich

Thomson Reuters

San Francisco correspondent covering the stock market with a focus on Big Tech,
semiconductors and other Silicon Valley companies

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